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Crocs Inc. (CROX-1.89%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports revenues of $4.1 billion, a 3.5% increase from the previous year. The increase was driven by higher average selling prices and increased sales volume in the Crocs Brand, partially offset by a decrease in the HEYDUDE Brand sales.
Gross margin improved to 58.8% from 55.8% in the prior year, primarily due to higher average selling prices, favorable customer mix, and the absence of prior year distribution costs.
Selling, general, and administrative expenses increased to $1.4 billion, representing 33.8% of revenues, up from 29.6% in the previous year. This was due to higher variable expenses, increased marketing investment, and higher compensation costs.
Income from operations was $1.0 billion, a slight decrease from $1.04 billion in 2023. Net income increased to $950.1 million, or $15.88 per diluted share, compared to $792.6 million, or $12.79 per diluted share, in the previous year.
The Crocs Brand segment reported revenues of $3.3 billion, an 8.8% increase, while the HEYDUDE Brand segment reported revenues of $824.1 million, a 13.2% decrease.
The company reported a significant income tax benefit due to an intra-entity transaction related to intellectual property rights, resulting in a net income tax benefit of $39.5 million.
Crocs Inc. ended the year with $180.5 million in cash and cash equivalents and $824 million in available borrowing capacity. Total borrowings were $1.3 billion as of December 31, 2024.
The company repurchased 4.3 million shares of its common stock for $551.2 million during the year, leaving $323.9 million available for future repurchases under the current authorization.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Crocs Inc. annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.